On January 28, 2009, the National Credit Union Association (NCUA) Board announced two actions meant to provide stability to the corporate credit union system’s liquidity and capital position. These actions are referred to as the Corporate Stabilization Program.
On March 20, 2009, the NCUA announced that it had placed U.S. Central and Western Corporate Federal Credit Union (“WesCorp”) into conservatorship in an effort to continue stabilizing the corporate credit union system. The NCUA also announced that it had refined key estimates and assumptions used in its preliminary estimate of the charges to be incurred by the NCUSIF.
This Accounting Insight has been updated to reflect these actions and these actions and their accounting impact.